A contract entered into between an individual (know as the debtor) and his creditors whereby the debtor makes a proposal to pay a lesser sum to the creditors in full and final settlement of debts. The creditors formally approve or reject the proposal at a formal meeting. The arrangement normally lasts for between 3 and 5 years. The arrangement provides the debtor with protection from his creditors and binds all creditors given notice of the arrangement. The arrangement is approved if greater than 75% of creditors who participate in the meeting, vote in favour.

Technical Downloads

A Creditors Guide to insolvency practitioners' fees pre 6 April 2010

23 Oct 2008

Bridge BR